Seniors citizens are most fragile members of the community and those that are almost the end of their lives. IF a senior citizen only has social security and pension, it will not amount to much to leave for the spouse and the children, so they need to pay for the balance whatever happens to their loved one. Senior life insurance is then very important. Life insurance cannot be taken from debtors and taxes cannot be levied upon inheritances in most states.
There are insurance companies that make seniors take a medical exam but there are others that do not. A whole life policy will forgo a medical exam for a senior than other types of coverage. The upfront payment for a whole life policy is usually large, but it protects the senior up to a hundred and twenty years old, depending on the insurer.
With life insurance policy, a senior need not worry about his funeral costs and his outstanding debts. When the senior dies, his family will not be burdened with funeral expenses and other costs. Other costs can be estate taxes, back taxes and more.
Senior life insurance is exclusively for seniors. Senior life insurance can be whole or term life insurance and is designed for the needs of the senior citizen. Final expenses insurance is attached to the whole or term life policy by certain insurers to provide extra benefits such as burial costs.
Affordable rates and high benefit amounts are given to senior citizens who are willing to take a medical exam and will score highly in it. Some insurers simply ask questions with requiring a medical exam. There are some that don’t even ask health questions but the coverage will always be lower and the premiums higher.
Guaranteed acceptance life insurance is a variation of permanent life insurance but does not require medical exam. In this type of insurance, the full benefits will be disbursed if the insured dies within the first two years from an accident. If he dies from natural causes within the first two years from the policy’s inception, a limited benefit will be disbursed. This benefit includes the sum of the premiums paid-to-date ad the interest accrued on the cash value. If the seniors goes over the two year mark, he becomes fully insured against both accidental and natural deaths.
Term life insurance is for seniors who have fixed income and cannot afford a high priced insurance policy. The cash value investment options and whole and universal life offers are often disregarded by seniors who get term life insurance. In their stage in life, this is no longer necessary.
If the senior does not want to outlie a term life policy, then he should get a whole life policy. Fully paid premiums will be in effect until death.